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Segment Information
9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
While we have one primary line of business, which is the design, build-out and operation of IBX data centers, we have determined that we have three reportable segments comprised of our Americas, EMEA and Asia-Pacific geographic regions. Our chief operating decision-maker evaluates performance, makes operating decisions and allocates resources based on our revenues and adjusted EBITDA, both on a consolidated basis and based on these three reportable segments. Intercompany transactions between segments are excluded for management reporting purposes.
The following tables present revenue information disaggregated by product lines and geographic areas (in millions):
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
AmericasEMEAAsia-PacificTotalAmericasEMEAAsia-PacificTotal
Colocation (1)
$617 $566 $337 $1,520 $1,848 $1,658 $1,004 $4,510 
Interconnection224 86 74 384 658 253 215 1,126 
Managed infrastructure66 35 17 118 198 104 50 352 
Other (1)
26 37 20 74 11 105 
Recurring revenues914 713 432 2,059 2,724 2,089 1,280 6,093 
Non-recurring revenues44 30 68 142 139 102 153 394 
Total$958 $743 $500 $2,201 $2,863 $2,191 $1,433 $6,487 
(1)    Includes some leasing and hedging activities.

Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
AmericasEMEAAsia-PacificTotalAmericasEMEAAsia-PacificTotal
Colocation (1)
$597 $538 $329 $1,464 $1,754 $1,571 $971 $4,296 
Interconnection207 79 67 353 610 229 198 1,037 
Managed infrastructure63 33 18 114 185 97 55 337 
Other (1)
23 30 15 74 10 99 
Recurring revenues872 673 416 1,961 2,564 1,971 1,234 5,769 
Non-recurring revenues41 36 23 100 121 116 72 309 
Total$913 $709 $439 $2,061 $2,685 $2,087 $1,306 $6,078 
(1)    Includes some leasing and hedging activities.
Total revenues attributed to the U.S. were $819 million and $772 million during the three months ended September 30, 2024 and 2023, respectively. Total revenues attributed to the U.S. were $2.4 billion and $2.3 billion during the nine months ended September 30, 2024 and 2023, respectively. There was no country outside of the U.S. from which we derived revenues that exceeded 10% of revenues for the three and nine months ended September 30, 2024. For the three and nine months ended September 30, 2023, we derived revenues of $219 million and $608 million, respectively, from the United Kingdom, which is the only country outside of the U.S. from which we derived revenues that exceeded 10% of our total revenues during either of these periods. No single customer accounted for 10% or greater of our accounts receivable or revenues for the three and nine months ended September 30, 2024 and 2023.
We define adjusted EBITDA as net income excluding income tax expense, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges, transaction costs and gain or loss on asset sales as presented below (in millions):
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2024202320242023
Adjusted EBITDA:
Americas$427 $405 $1,287 $1,203 
EMEA372 310 1,024 932 
Asia-Pacific249 221 765 647 
Total adjusted EBITDA1,048 936 3,076 2,782 
Depreciation, amortization and accretion expense(494)(462)(1,509)(1,382)
Stock-based compensation expense(122)(98)(348)(301)
Transaction costs(7)(12)(7)
Gain on asset sales — 18 
Interest income35 23 88 66 
Interest expense(117)(102)(331)(299)
Other income (expense)(6)(6)(10)
Loss on debt extinguishment — — (1)— 
Income before income taxes$350 $296 $975 $854 
 We also provide the following segment disclosures related to our operations as follows (in millions):
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2024202320242023
Depreciation and amortization:
Americas$272 $252 $848 $750 
EMEA132 127 397 374 
Asia-Pacific92 84 266 258 
Total$496 $463 $1,511 $1,382 
Capital expenditures:
Americas$412 $382 $1,230 $1,076 
EMEA204 147 541 449 
Asia-Pacific108 88 308 260 
Total$724 $617 $2,079 $1,785 
Our long-lived assets, including property, plant and equipment, net and operating lease right-of-use assets, are located in the following geographic areas (in millions):
September 30,
2024
December 31,
2023
Americas$9,076 $8,611 
EMEA6,685 6,321 
Asia-Pacific3,904 3,669 
Total property, plant and equipment, net$19,665 $18,601 
Americas$398 $421 
EMEA408 368 
Asia-Pacific681 660 
Total operating lease right-of-use assets$1,487 $1,449